[Funding alert] BlackSoil invests Rs 4Cr into work fulfilment platform Awign Enterprises
BlackSoil, an alternative credit platform, on Tuesday announced it has made a Rs 4 crore venture debt funding into Awign Enterprises Private Limited.
Awign had previously closed its Pre-Series B round from Unitus Ventures, Michael & Susan Dell Foundation, Lumis Partners, and Eagle10. The Bengaluru-based startup has over 100 clients that include Swiggy, ITC, Bigbasket, Britannia, and Aditya Birla Capital, among others. The fresh investment will be used for working capital requirements and business expansion.
“The funds received will help us to scale-up faster and will be used for working capital requirements and business expansion. We are hoping for many years of a fruitful relationship with Blacksoil, and looking to grow with investors who have put their belief behind our business model,” said Awign’s Co-founder Annanya Sarthak.
Founded in 2016 by IIT-alumni Annanya Sarthak, Gurpreet Singh, and Praveen Sah, Awign Enterprises operates as a work fulfilment platform focussed on gig workforce. The firm has a registered workforce of 6.5 lakhs gig workers across 450 cities in India.
To date, the startup has completed over 50 lakh on-the-ground tasks required by businesses. It claims to fulfil this through a network of skilled and trained gig workers. The clients are billed based on successful outcomes as opposed to work hours.
Its clients operate in sectors, including FMCG, BFSI, ecommerce, fintech, edtech, assessments, and logistics. The startup also claims to provide work opportunities to college students, graduates, and women wanting to come back to work, and is solving for unemployment, under-employment, and skilling problems in the country.
“Awign has built an innovative model that delivers high value to the clients while providing employment and skilling opportunities to the Indian youth. Post-COVID, there has been wide adoption of gig workers, and it is our pleasure to partner with Awign to help them grow in this disruptive industry pivoted for strong growth,” said Ankur Bansal, Co-founder and Director, BlackSoil.
BlackSoil is a sector agnostic alternative credit platform, which recently raised Rs 110 crore in the first close of its maiden secured BlackSoil India Credit Fund. It has deployed Rs 950 crore in last four years across 70+ transactions. Its portfolio includes OYO, Spinny, Purplle, Zetwerks, Vogo, and TVF, among others.